Buying your House at a Bristol Auction
The reason we have property auctions in this country is for a variety of reasons such as repossessions by banks and building societies, executor’s sale, local authorities and housing associations moving housing stock on in order to recoup funds, all usually offered on a reduced reserve for a quick sale. There will also be development properties, land and difficult-to-sell properties.
Once you have decided to buy your property at auction finding details about forthcoming auctions is not always easy since many do not advertise sales in local newspapers or in estate agents windows. Many estate agents do not deal with property auctions. Below is a list of the prominent Bristol Estate Agents and Bristol Auction Houses who stage auctions during various times of the year and these are the ones to contact for forthcoming sale dates and brochures of available properties.
BESLEY HILL
10 Badminton Road, Downend, Bristol, Avon BS16 6BQ
Tel: 0117 970 1551
Fax: 0117 970 1141
MAGGS & ALLEN
60 Northumbria Drive, Henleaze, Bristol, Avon BS9 4HW
Tel: 0117 949 9000
Fax:0117 949 2000
MORGAN BEDDOE
147 Whiteladies Road, Clifton, Bristol, Avon BS8 2QT
Tel: 0117 946 7100
Fax: 0117 946 7111
STEPHEN & CO
Central Chambers, Walliscote Road, Weston Super Mare, Avon BS23 1UP
Tel: 01934 621101
Fax: 01934 621519
THE ORIGINAL COUNTY PROPERTY AGENTS & LINIX PROPERTIES
The Grange, 73 Broad Street, Chipping Sodbury, Avon BS37 6AD
Tel: 01454 321339
Fax: 01454 312363
HOLLIS MORGAN
9-10 Waterloo Street Clifton Bristol BS8 4BT
Tel: 01179 736565
BIGWOOD AUCTIONEERS LTD
The Old School, Tiddington, Stratford-Upon-Avon, Warwickshire CV37 7AW
Auction Hotline Telephone: 0121 456 8800 or 01789 294444
Fax: 01789 294168
Once you have found your potential property it is then time to initiate a valuation and survey. there is an excellent selection of Bristol Surveyors and Valuers available. Study their report closely and obtain rough estimates for any major works needed or required. Arrange your mortgage with your Bristol bank or other financial institution, if possible not only for this property but an overall amount that will be available to purchase an unspecified property if you fail to win this particular bid. If you do not win the said property at this auction you will have to right off monies spent on valuations and surveys. The lender may require a valuation survey on the property after purchase so you may end up paying twice for surveys. Establish your Bristol solicitor or Bristol legal services as a priority since you will need then to facilitate your purchase with some speed.
Buying at an auction for the first time it is wise to visit a few beforehand in order to ‘get a feel for it’. If you cannot face bidding yourself your solicitor or surveyor will do it for you - for a fee. Set your price limit and stick to it since you know how much the property is worth as you have your valuation, survey and building estimates. It’s very easy to get carried away with the excitement and end up paying more than you can afford, so stick with your price - there will always be other properties. When the big day arrives and you are full of apprehension and a little nervous, don’t start bidding straight away - hang back and let the other bidders exhaust themselves, then pounce. Remember your limit and don’t be afraid to bid smaller amounts to raise the price slowly. When the hammer finally falls -and hopefully the property is yours -the fun starts. You have committed to the property and are now legally bound to buy said property: you have to now pay a 10% deposit of the final price immediately. You will sign the contract, previously seen and professionally checked, there and then. The seller is legally bound to complete on that day and you must complete the transaction within 28 days.
You may require a bridging loan for a few weeks while the mortgage is finalised but you would have discussed this with your lender when arranging your mortgage initially - wouldn’t you? Buying your dream home at auction can be very rewarding, if not a little frustrating at times, but once a successful purchase has been fulfilled you will be on your way as another possible Bristol property developer and scouring the auction sites for yet another bargain – Happy hunting.
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